Spangenberg Departs Marathon as Fortress Handover Begins
- August 11, 2017
Marathon Patent Group, Inc. entered into a termination and release agreement on August 3 with Erich Spangenberg, whom it had hired in 2016 as its Director of Acquisitions, Licensing, and Strategy. Spangenberg’s departure came as Marathon was approaching an August 15 deadline, under which it was to repay Fortress Investment Group LLC $15.99M according to a debt restructuring plan signed in May. With Q1 revenue of just $78K, and with roughly $500K cash on hand going into Q2, it is not surprising that Marathon has now begun relinquishing patents to Fortress.
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